Bitcoin (BTC) Must Hit Reach This Value In Order To Avoid “Dark December”
The crypto market looks pretty mixed today with some coins trading in the red and others in the green.
At the moment of writing this article, the most important coin in the market is trading in the red, and BTC is priced at $7,501.17.
BTC still has to surge to avoid the bears
Willy Woo crypto analyst believes that BTC has to hit $8,300 by the end of this month in order to avoid a bearish December.
But Woo said that he actually “almost” wants it to miss this mark.
“We’d need to close above $8,300 by the end of the month (4 more days), or we’ll likely have a bearish December to test new lows,” he said.
He continued and explained that “2020 will be a good year, I almost want it to go lower to collect cheaper coins.”
When he was asked to back up his analysis, Woo pointed out to the bearish candles on BTC’s shart. He said that this usually led to falls in BTC’s price in the past.
“It would create a bearish engulfing candle on the monthly chart, which is pretty tragic normally, but not a sure thing. It’s just [technical analysis]. BTC has shrugged off bearish candles like this in the past.”
We'd need to close above 8300 by the end of the month (4 more days), or we'll likely have a bearish December to test new lows. 2020 will be a good year, I almost want it to go lower to collect cheaper coins.
— Willy Woo (@woonomic) November 26, 2019
As the online publication, the Daily Hodl noted, Bitcoin has dropped in value for most of this month.
You may recall that BTC fell from around $9,200 at the beginning of the month to about $6,627 on November 24 – this is roughly a 28% decrease.
Other crypto analysts’ opinions
Mike Novogratz also believes that BTC needs to surge soon.
$BTC chart needs to recover 7500 in next two days or we will be in a 6k-7400 range which would be less than pleasant. $BTC still up 95% on the year to keep perspective, but man, I liked it better above 10k😂.
— Mike Novogratz (@novogratz) November 25, 2019
BTC managed to surpass $7,500.
On the other hand, Anthony Pompliano is addressing the gains that BTC managed to have during 2019, and he seems more optimistic while looking at the bright side of things.
Bitcoin is up more this year than gold is in the last decade 🤷🏽♂️ pic.twitter.com/c5erma9pcc
— Pomp 🌪 (@APompliano) November 26, 2019
Despite the huge market volatility, the optimistic crypto predictions keep coming.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.